Segment Reporting

3 Months Ended

Feb. 28, 2013

Text Block [Abstract]

Segment Reporting

Segment Reporting

The general nature of the Company’s business is a motorsports themed amusement enterprise, furnishing amusement to the public in the form of motorsports themed entertainment. The Company’s motorsports event operations consist principally of racing events at its major motorsports entertainment facilities. The reporting units within the motorsports segment portfolio are reviewed together as the nature of the products and services, the production processes used, the type or class of customer using our products and services, and the methods used to distribute our products or provide their services are consistent in objectives and principles, and predominately uniform and centralized throughout the Company. The Company’s remaining business units, which are comprised of the radio network production and syndication of numerous racing events and programs, certain souvenir merchandising operations not associated with the promotion of motorsports events at the Company’s facilities, construction management services, leasing operations, and financing and licensing operations are included in the “All Other” segment. The Company evaluates financial performance of the business units on operating profit after allocation of corporate general and administrative (“G&A”) expenses. Corporate G&A expenses are allocated to business units based on each business unit’s net revenues to total net revenues.

The accounting policies of the segments are the same as those described in the summary of significant accounting policies. Intersegment sales are accounted for at prices comparable to unaffiliated customers. The following tables provide segment reporting of the Company for the three months ended February 29, 2012 and 2013 (in thousands):

	Three Months Ended February 29, 2012
	Motorsports Event		All Other			Total
Revenues	$	122,950	$	4,805		$	127,755
Depreciation and amortization	17,854		1,605			19,459
Operating income (loss)	31,383		(1,684		)	29,699
Capital expenditures	12,036		760			12,796
Total assets	1,659,820		375,996			2,035,816
Equity investments	—		150,402			150,402
	Three Months Ended February 28, 2013
	Motorsports Event		All Other			Total
Revenues	$	124,000	$	4,957		$	128,957
Depreciation and amortization	18,448		1,394			19,842
Operating income (loss)	27,070		(1,923		)	25,147
Capital expenditures	5,739		367			6,106
Total assets	1,638,377		380,283			2,018,660
Equity investments	—		142,899			142,899

Intersegment revenues were approximately $0.4 million and $0.4 million for the three months ended February 29, 2012 and February 28, 2013, respectively.

The Company recorded losses on asset retirements of approximately $0.1 million and $1.5 million, for the three months endedFebruary 29, 2012 and February 28, 2013, respectively, and are primarily attributable to the removal of certain assets not fully depreciated. These losses were included in the Motorsports Event segment.